Some Fed officials believe the case for a rate cut is strengthening

He says policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.

Among those concerns are slowing global growth, inflation that persistently falls short of the Fed's 2% target, and the ramifications of tariffs the U.S. and its trading partners, particularly China, have levied on each other.

Speaking to the media after this week's central bank meeting, Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.

"Overall, our policy discussion focused on the appropriate response to the uncertain environment," he said. "Many participants believe that some cut to the fed funds rate would be appropriate in the scenario they see as most likely."

Among those concerns are slowing global growth, inflation that persistently falls short of the Fed's 2% target, and the ramifications of tariffs the U.S. and its trading partners, particularly China, have levied on each other.